Financial Performance & Disposals - CSI made sales of approximately HK$1.55 billion and had unrecognized contracted sales commitments of approximately HK$1.22 billion for FY2025 [9] - Key disposals were completed in FY2025, including car parking spaces in Tuen Mun, units at Broadway Center (CSI-60%) in Macau, and units at Dukes Place (CSI-60%) in Jardine's Lookout [10] - Pre-sales achieved up to June 2025 are expected to generate approximately HK$2.57 billion in future bookings [10] - Gross revenue from property business decreased to HK$521 million in FY25 from HK$1,579 million in FY24 [11] - The company reported a loss attributable to equity holders of HK$1.692 billion in FY25, primarily due to adverse changes in the fair value of JV properties [11] Balance Sheet & Debt Management - Total assets decreased from HK$26.238 billion in FY24 to HK$22.325 billion in FY25 [12] - Bank loans decreased from approximately HK$7.9 billion in FY24 to approximately HK$6.9 billion in FY25 [17] - The company successfully refinanced a US$296 million bond due in July 2025 with a new US$150 million bond issue at 10.5% [21] - A strategic rights issue closed in April 2025 brought in approximately HK$1.49 billion, and a private bond issued to Gaw Capital added approximately HK$500 million to enhance cash liquidity [12] Strategic Initiatives - A strategic funding and partnership proposal was announced, including a rights issue (approximately HK$1.5 billion) and bond issuance (HK$500 million), with Gaw Capital becoming a long-term strategic investor [24] - The company commits to a sale target of at least HK$9 billion in sales in the next 4 years [24, 38] - The company has a robust pipeline of quality assets to support the HK$9 billion+ active asset disposal program, with over HK$2.57 billion in pre-sales achieved up to June 2025 [38, 40]

[Management Discussion and Analysis](index=1&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the year ended March 31, 2025, the Group recorded a loss attributable to owners of the Company of **HKD 1.69 billion**, a significant increase from HKD 0.426 billion in the prior year, with revenue decreasing by **67%** to **HKD 0.521 billion** year-on-year, primarily due to reduced property sales and non-cash items like fair value changes and impairment provisions on investment properties, yet the Group maintains a sound financial, business, and operational position Financial Performance Summary | Metric | For the year ended March 31, 2025 | For the year ended March 31, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 0.521 billion HKD | 1.579 billion HKD | -67.0% | | Loss attributable to owners of the Company | 1.692 billion HKD | 0.426 billion HKD | Loss widened by 297% | | Loss per Share | 36.73 HK cents | 9.18 HK cents | Loss widened by 300% | | Total Property Sales Revenue (incl. JVs & Associates) | 1.573 billion HKD | 3.128 billion HKD | -49.7% | - Annual loss primarily attributed to: (i) reduced property sales revenue; (ii) adverse fair value changes in investment properties, write-downs of properties held for sale, and impairment provisions for properties in joint ventures/associates, totaling approximately **HKD 1.122 billion**, which are non-cash items and do not impact the Group's operating cash flow[3](index=3&type=chunk) [Business Review and Market Outlook](index=2&type=section&id=Business%20Review%20and%20Market%20Outlook) The Group's profitability is under pressure amidst high interest rates and economic weakness, with Hong Kong's residential market showing improved sales but price adjustments after government policy relaxation, while the commercial property market faces ongoing challenges due to weak demand, prompting the Group to successfully raise **HKD 1.992 billion** and issue **USD 150 million** notes to strengthen its balance sheet and liquidity, maintaining cautious optimism for a gradual market recovery by focusing on asset disposals, prudent financial management, and refinancing - Market environment: Persistent high interest rates suppressed property investment sentiment, while economic weakness in Hong Kong and Mainland China led to sluggish asset sales and property impairment provisions, exacerbating losses[6](index=6&type=chunk) - Residential market: Following the Hong Kong government's relaxation of property market measures, sales improved but prices declined, with the Group remaining optimistic about the residential market outlook, especially amid improved stock market performance and capital inflows[6](index=6&type=chunk) - Commercial property market: Facing significant challenges with subdued demand for office and retail leasing, though the Group holds hope for medium to long-term improvement[7](index=7&type=chunk) - Financial strategy: The Group successfully raised **HKD 1.992 billion** through a **HKD 1.492 billion** rights issue and **HKD 0.5 billion** senior unsecured bonds, introducing Gaw Capital as a shareholder, and also successfully issued **USD 150 million** 3-year secured notes, demonstrating investor confidence[7](index=7&type=chunk)[8](index=8&type=chunk) - Future outlook: The market is expected to gradually improve, with the Group maintaining cautious optimism and continuing to focus on asset disposals, prudent financial management, and refinancing strategies[9](index=9&type=chunk) [Property Portfolio Review](index=3&type=section&id=Property%20Portfolio%20Review) The Group's commercial and residential property portfolios in Hong Kong and Mainland China are progressing as planned, with Hong Kong commercial projects like the Central URA project and Jordan "The High Park" advancing well, residential projects such as "The Hampton" and "La Montagne" achieving good sales or pre-sales, and Mainland China operations seeing strong sales for Beijing's "Jinyu Donghua" and ongoing renovations for Shanghai malls [Hong Kong Commercial Property Portfolio](index=3&type=section&id=Hong%20Kong%20Commercial%20Property%20Portfolio) The Group continues to advance the development and repositioning of several commercial properties, with the Central Gage Street/Graham Street project expected to complete by mid-2026, Kowloon Bay "The Quayside" successfully increasing leases, Jordan "The High Park" (former Novotel hotel redevelopment) achieving strong residential pre-sales with over **230 units** sold, and **10 floors** sold at Central "Dah Sing Life Building" - Central Gage Street/Graham Street project: A joint venture with Wing Tai Properties for a mixed-use commercial development, expected to be completed by mid-2026[10](index=10&type=chunk) - Jordan "The High Park" (former Novotel hotel redevelopment): Residential portion pre-sales commenced in May 2024, with over **230 units** pre-sold out of 259 units[11](index=11&type=chunk) - Central "Dah Sing Life Building": Stratified sales progressing well, with **10 floors** already sold[11](index=11&type=chunk) [Hong Kong Residential Property Portfolio](index=4&type=section&id=Hong%20Kong%20Residential%20Property%20Portfolio) The Group's portfolio of luxury and mass-market residential projects in Hong Kong is progressing, with most units sold at "The Hampton" in Jardine's Lookout, strong pre-sale response for "La Montagne" Phase 5A at MTR Wong Chuk Hang Station with over **340 units** pre-sold, and the MTR Yau Tong project expected to commence pre-sales in the second half of 2025 - Jardine's Lookout "The Hampton": An ultra-luxury joint venture project, with most units successfully sold[13](index=13&type=chunk) - MTR Wong Chuk Hang Station "La Montagne": Phase 5A pre-sales commenced in June 2025, attracting strong buyer interest with over **340 units** pre-sold[15](index=15&type=chunk) - MTR Yau Tong Ventilation Building project: Expected to commence pre-sales in the second half of 2025[14](index=14&type=chunk) [Mainland China Business](index=5&type=section&id=Mainland%20China%20Business) Sales for the Beijing luxury residential project "Jinyu Donghua" are progressing well, with over **90 units** sold out of 114, indicating strong demand in the high-end Mainland market, while Shanghai's "Sifang Plaza" and "The Mansion Plaza" are undergoing renovations to improve occupancy and tenant mix - Beijing "Jinyu Donghua": A luxury residential joint venture project, with over **90** of 114 renovated units sold at high prices[17](index=17&type=chunk) - Shanghai malls: High-end shopping centers "Sifang Plaza" and "The Mansion Plaza" are undergoing renovations to improve occupancy rates and tenant mix[17](index=17&type=chunk) [Securities Investment](index=6&type=section&id=Securities%20Investment) As of March 31, 2025, the Group's financial assets at fair value through profit or loss amounted to approximately **HKD 0.251 billion**, a decrease from HKD 0.352 billion in the prior year, with the portfolio recording a net fair value loss of **HKD 0.107 billion** during the year and interest and dividend income decreasing to **HKD 29.4 million** Securities Investment Portfolio Summary | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Market Value of Financial Assets | 0.251 billion HKD | 0.352 billion HKD | | Net Fair Value Loss for the Year | 0.107 billion HKD | - | | Interest and Dividend Income for the Year | 29.4 million HKD | 45 million HKD | - Investment portfolio composition: **34.9%** in listed debt securities, **2.8%** in listed equity securities, and **62.3%** in unlisted equity and debt securities, with **97.2%** denominated in USD[18](index=18&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=8&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group's total revenue was **HKD 0.521 billion**, a **67%** year-on-year decrease, resulting in a loss before tax of **HKD 1.765 billion** and a loss for the year of **HKD 1.711 billion**, with loss attributable to owners of the Company at **HKD 1.692 billion** and basic loss per share at **36.73 HK cents**, primarily due to cost of sales, various impairments, and expenses Consolidated Statement of Profit or Loss (Thousand HKD) | Item ('000 HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenue** | **520,623** | **1,579,132** | | Gross Profit | 15,736 | 786,093 | | Finance Costs | (577,418) | (663,740) | | Share of Results of Joint Ventures | (825,562) | 62,263 | | Loss Before Tax | (1,765,401) | (497,414) | | **Loss for the Year** | **(1,710,851)** | **(455,952)** | | **Loss Attributable to Owners of the Company** | **(1,691,529)** | **(425,605)** | | **Basic Loss Per Share (HK cents)** | **(36.73)** | **(9.18)** | [Consolidated Statement of Financial Position](index=10&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 22.44 billion**, total liabilities were **HKD 10.51 billion**, and total equity was **HKD 11.93 billion**, with non-current assets primarily comprising investment properties, interests in joint ventures, and amounts due from joint ventures, while current liabilities included approximately **HKD 3.42 billion** in bank borrowings and secured notes due within one year Consolidated Statement of Financial Position (Thousand HKD) | Item ('000 HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | **15,526,613** | **17,639,981** | | **Current Assets** | **6,912,228** | **8,598,367** | | **Total Assets** | **22,438,841** | **26,238,348** | | **Current Liabilities** | **4,596,236** | **6,059,085** | | **Non-current Liabilities** | **5,913,078** | **6,443,145** | | **Total Liabilities** | **10,509,314** | **12,502,230** | | **Total Equity** | **11,929,527** | **13,736,118** | | Bank Balances and Cash | 1,411,918 | 2,520,518 | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Note 3: Segment Information](index=15&type=section&id=Note%203%20Segment%20Information) The Group's business is divided into four main segments: Commercial Property Holding, Residential Property Holding, Macau Property Holding, and Securities Investment, with Residential Property Holding contributing the highest segment revenue of **HKD 1.15 billion** in FY2025, but Commercial Property Holding recording the largest segment loss of **HKD 0.871 billion**, primarily due to share of losses from joint ventures, and the Securities Investment segment recording a **HKD 0.153 billion** loss FY2025 Segment Performance ('000 HKD) | FY2025 Segment Performance ('000 HKD) | Commercial Property Holding | Residential Property Holding | Macau Property Holding | Securities Investment | Consolidated | | :--- | :--- | :--- | :--- | :--- | :--- | | **Segment Revenue** | **687,271** | **1,150,723** | **31,809** | **29,362** | **1,899,165** | | **Segment Loss** | **(870,809)** | **(200,650)** | **(34,919)** | **(153,344)** | **(1,259,722)** | - The substantial loss in the Commercial Property segment primarily stemmed from a **HKD 0.875 billion** share of losses from joint ventures[37](index=37&type=chunk) [Note 10: Dividends](index=22&type=section&id=Note%2010%20Dividends) The Board of Directors does not recommend a final dividend for the year ended March 31, 2025, consistent with the prior year - The Board of Directors does not recommend a final dividend for the year ended March 31, 2025[47](index=47&type=chunk)[52](index=52&type=chunk) [Financial Guarantees and Pledge of Assets](index=25&type=section&id=Financial%20Guarantees%20and%20Pledge%20of%20Assets) As of the reporting period end, the Group provided bank credit guarantees totaling **HKD 8.61 billion** for joint ventures and associates, of which **HKD 7.35 billion** was utilized, and pledged assets valued at approximately **HKD 8.33 billion** (including investment properties and properties held for sale) as collateral for bank financing Financial Guarantees and Pledged Assets ('000 HKD) | Item ('000 HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Guarantees Provided for JVs/Associates** | **8,611,628** | **9,343,354** | | Utilized Guarantees | 7,354,628 | 7,969,297 | | **Total Value of Pledged Assets** | **8,332,557** | **8,809,924** | [Other Information](index=25&type=section&id=Other%20Information) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) During the year, the Company complied with the Corporate Governance Code in the Listing Rules, with the only deviation being the non-segregation of roles between the Chairman and Chief Executive Officer as the Company has no CEO position, yet the Board believes the existing structure is effective with necessary control mechanisms, and the Audit Committee has reviewed the annual financial statements - The Company complied with the Corporate Governance Code, but deviated from Code Provision C.2.1 regarding the separation of roles between the Chairman and Chief Executive Officer, as the Company has no Chief Executive Officer position[58](index=58&type=chunk) - The Audit Committee has reviewed accounting principles and practices with management and reviewed the annual financial statements[61](index=61&type=chunk)

The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation has not been independently verified. In all cases, interested parties should conduct their own investigation and analysis of the information. No representation or warranty, expressed or implied, is made as to, and no relia ...

Investor Presentation FY 2022 June 2022 The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation has not been independently verified. In all cases, interested parties should conduct their own investigation and analysis of the information. No representation or warranty, expressed ...

Financial Performance - CSI achieved approximately HK$896 million in sales for 1H FY2023 to maintain a healthy cash flow [12] - Gross revenue from property business increased by 132% from HK$100 million in 1H FY2022 to HK$231 million in 1H FY2023 [15] - Gross profit increased by 137% from HK$53 million in 1H FY2022 to HK$125 million in 1H FY2023 [15] - Profit from property joint ventures/associates increased by 167% from a loss of HK$230 million in 1H FY2022 to a profit of HK$154 million in 1H FY2023 [15] - Profit attributable to equity holders decreased by 52% from HK$128 million in 1H FY2022 to HK$62 million in 1H FY2023 [15] Balance Sheet and Credit Metrics - The company has properties and related assets worth HK$24420 million as of September 30, 2022 [16] - Cash and bank balances amounted to HK$2622 million [16] - Net debt to total assets ratio was 33% as of 1H FY2023, compared to 27% in FY2022 [18] - EBITDA to interest expenses was 15x in 1H FY2023 [18] Strategies and Portfolio - The company focuses on high-quality residential and commercial real estate portfolio [58] - The company is managing disposal pipeline to recycle capital and crystalize profit [58] - The company maintains prudent financing with strong asset coverage and liquidity [58]

Investor Presentation FY 2023 June 2023 0 Disclaimer The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation has not been independently verified. In all cases, interested parties should conduct their own investigation and analysis of the information. No representation or warran ...

0 Investor Presentation 1H FY 2024 Nov 2023 Disclaimer The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation has not been independently verified. In all cases, interested parties should conduct their own investigation and analysis of the information. No representation or warr ...

0 Investor Presentation FY 2024 Jun 2024 Disclaimer The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation has not been independently verified. In all cases, interested parties should conduct their own investigation and analysis of the information. No representation or warrant ...

0 Investor Presentation 1H FY 2025 Nov 2024 Disclaimer The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation has not been independently verified. In all cases, interested parties should conduct their own investigation and analysis of the information. No representation or warr ...

Financial Performance - The company reported a revenue of HKD 142,984,000 for the six months ending September 30, 2024, compared to HKD 323,983,000 for the same period in 2023, representing a decrease of approximately 56%[5]. - The company incurred a loss of HKD 914,642,000 for the period, a significant decline from a profit of HKD 55,989,000 in the previous year[5]. - The basic loss per share was HKD (9.82), compared to earnings of HKD 0.62 per share in the prior year, indicating a substantial negative shift in performance[5]. - The company reported a total comprehensive loss of HKD 895,854,000 for the period, compared to a total comprehensive loss of HKD 143,716,000 in the previous year[7]. - The company reported a loss before tax of HKD 938,613,000 for the six months ended September 30, 2024, compared to a profit in the previous year, indicating a significant downturn in financial performance[38]. - The company reported a comprehensive income of HKD (895,854,000) for the six months ending September 30, 2024, compared to HKD (143,716,000) in the previous year, indicating a worsening financial performance[16]. - The group recorded an unaudited consolidated loss of HKD 914.6 million for the same period, compared to a consolidated profit of HKD 56 million in the previous period[138]. - The loss attributable to shareholders for the six months was HKD 904.1 million, with a loss per share of HKD 0.0982, compared to a profit per share of HKD 0.0062 in the previous period[138]. Assets and Liabilities - Total assets decreased to HKD 18,439,070,000 as of September 30, 2024, down from HKD 20,179,263,000 as of March 31, 2024[11]. - The company’s equity attributable to owners decreased to HKD 12,847,271,000 from HKD 13,732,585,000, reflecting a decline in shareholder value[11]. - The company’s total assets as of September 30, 2024, were HKD 14,364,292,000, compared to HKD 14,399,772,000 as of September 30, 2023, showing a slight decrease in total asset value[16]. - The company’s liabilities increased to HKD 1,969,874,000 as of September 30, 2024, compared to HKD 3,126,423,000 in the previous year, indicating a rise in financial obligations[23]. - The total liabilities of the company remained consistent with the previous reporting period, with no significant impact from the adoption of new accounting standards[26]. - The total liabilities decreased to HKD 10,615,131,000 from HKD 12,502,230,000 over the same period[44]. - The group’s total liabilities to total assets ratio increased to 41.3% as of September 30, 2024, compared to 38.8% as of March 31, 2024[135]. Cash Flow - For the six months ending September 30, 2024, the company reported a net cash inflow from operating activities of HKD 88,045,000, compared to HKD 1,027,832,000 for the same period in 2023, indicating a significant decrease[20]. - The company experienced a net cash outflow from investing activities of HKD 158,185,000 for the six months ending September 30, 2024, compared to HKD 533,677,000 in the previous year, reflecting a reduction in investment expenditures[20]. - The net cash outflow from financing activities was HKD 477,405,000 for the six months ending September 30, 2024, compared to HKD 542,758,000 in the same period of 2023, showing a decrease in financing costs[23]. - As of September 30, 2024, the company's cash and cash equivalents decreased to HKD 1,969,874,000 from HKD 3,126,423,000 a year earlier, indicating a decline in liquidity[23]. - The group maintained a cash and bank balance of approximately HKD 1,971,500,000 as of September 30, 2024, compared to HKD 2,523,900,000 as of March 31, 2024[135]. Investments and Revenue Streams - The revenue from commercial properties was HKD 372,197,000, while residential properties generated HKD 706,190,000 for the six months ended September 30, 2024[30][38]. - Rental income from properties held for sale was HKD 119,904,000 for the six months ended September 30, 2024, compared to HKD 120,685,000 in the previous year, showing a slight decrease of 0.65%[28][32]. - The company recognized a total of HKD 23,080,000 from the sale of properties held for sale during the period, down from HKD 203,298,000 in the previous year, reflecting a decrease of approximately 88.6%[28][32]. - The company’s share of profits from joint ventures and associates was HKD (581,869,000) for the period, indicating a significant loss compared to the previous year[38]. - The company’s securities investment revenue was HKD 24,556,000 for the six months ended September 30, 2024, compared to HKD 14,745,000 in the previous year, showing an increase of approximately 66.6%[30][38]. Strategic Initiatives - The company is focusing on strategic initiatives to enhance market presence and operational efficiency moving forward[4]. - The company continues to explore strategic alliances in the commercial and residential property sectors in Hong Kong and mainland China[36]. - The group is cautiously optimistic about the future of the residential market, despite recent improvements in sales volume due to government measures[139]. - The group is actively managing and enhancing the leasing situation of its premium office building "Kai Hui" in Kowloon Bay, with an additional 16,000 square feet leased to the Hospital Authority[141]. - The group is developing a mixed-use commercial project in Central, expected to provide approximately 432,000 square feet of Grade A office space, luxury hotel, and retail[141]. Corporate Governance - The company has adopted a standard code for trading securities and has confirmed compliance from all directors during the review period[170]. - The company has applied the principles of the corporate governance code during the six months ending September 30, 2024, with a noted deviation regarding the separation of roles between the chairman and CEO[168]. - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2024[172]. - The company has maintained good corporate governance practices with necessary monitoring and checks in place despite not having a CEO position[168].